A rising wedge is, as we know, normally a bearish formation. 70% of them break to the downside. However, the volume profile tells us, that there aren't strong resistances until the 8k range, maybe BTC will surprise us?
It will of course strongly depend on macro economic events. The stock market is seeing a relief rally, but as we can guess, this relief rally won't last too long, because the underlying cause will not go away any time soon.
The pandemic will not be easily resolved, and the economy is really tanking hard in many countries, first and foremost of course the US.
So I would be more inclined for a downside break, but I honestly have to say that I'm quite uncertain right now. So much depends on macro-economic events, and BTC is so strongly coupled to the stockmarket right now,
which I certainly don't like.
BTC could test the MA200 a second time, this is absolutely thinkable. It should just not break, because then we would get the scenario that BTC would indeed go to the direction of 1000. It is really important that the MA200
holds. And halving is now only a bit more than 1 month away. So let's see what will happen.
It will of course strongly depend on macro economic events. The stock market is seeing a relief rally, but as we can guess, this relief rally won't last too long, because the underlying cause will not go away any time soon.
The pandemic will not be easily resolved, and the economy is really tanking hard in many countries, first and foremost of course the US.
So I would be more inclined for a downside break, but I honestly have to say that I'm quite uncertain right now. So much depends on macro-economic events, and BTC is so strongly coupled to the stockmarket right now,
which I certainly don't like.
BTC could test the MA200 a second time, this is absolutely thinkable. It should just not break, because then we would get the scenario that BTC would indeed go to the direction of 1000. It is really important that the MA200
holds. And halving is now only a bit more than 1 month away. So let's see what will happen.